Automotive Axles soars on two-fold jump in Q1 net

Automotive Axles has soared 10% to Rs 427 on reporting a net profit of Rs 19.73 crore for the first quarter ended December 2011, on the back of higher operational income. The auto parts and equipment maker had reported a net profit of Rs 9.76 crore in year ago quarter. Net sales grew 64% at Rs 293 crore on year-on-year basis.

The operating profit margins improved from 12.43% to 12.76, while net profit margins to 6.74% from 5.44% during the recently concluded quarter.

The stock opened at Rs 400 and hit a high of Rs 428 on the National Stock Exchange. A combined around 6,037 shares have changed hands on the counter so far on both the exchanges.